Business Strategy for CPA's

Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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One of the most common questions I get from readers of my email list is:  “How do I get high-paying clients?”

This process need not be a mystery.

There is a formula for creating high-paying clients, that gets you out of being at effect of outside forces, and gets you in the driver’s seat. These five steps are ones you can start implementing right away.

Here are five steps you can use to create demand and attract high-paying clients:

STEP 1 - Front-load the crap out of the value your service provides. Find all the ways to provide Effortless Value (listen to episode 201) and build those into your services.STEP 2 - Undercharge relative to the value to the buyer. Make the price an easy win for your client. This is much easier to do when your service is packed with value, because it allows you to float the price up in keeping with the value you added. Of course, make your price profitable for you too.

STEP 3 - Always create demand. Always. Always does not mean sometimes. Or intermittently. Or once in a while. Or when you need a client. Or when you “feel like it,” or “don’t feel like it.” Always means always. You have 4 types of followers: new and existing, ready or not yet ready to buy. Cultivate all four groups by always creating demand.

STEP 4 - Limit supply for your HIGH-VALUE package. The more demand you create, the more limiting supply becomes necessary. And limited supply enables you to select the best clients from your pool of prospects.

STEP 5 - 100% control over 100% results. While you could focus on that which you cannot control, you are better off focusing on that which you can control. Much is within your control. Much more than you realize.

If you're thinking, “Creating demand sounds great. And boy, I could use help with this.” This is what we work on throughout CPA Mastermind. 

We help you niche so you can figure out who you want to provide value to. And we help you build that value out. We create packages so you know what you are selling, and so do your prospects. We price so you understand where your money will come from, how much you need to sell, so your clients know how much the thing they are buying from you costs.

And then we build demand for high value, high-paying clients.

CPA Mastermind is the only program out there of its kind. We're enrolling right now for the fall cohort. Enrollment is open until September 4th. Get in on this round. The next round isn’t until 2023.

If you want high-paying clients and you want to take the mystery out of where they come from, get in on this round. You can go to https://geraldinecarter.com to enroll.

Episode mentions:

201 Effortless Value

https://www.businessstrategyforcpas.com/201

Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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***Want one piece of business strategy delivered daily to your inbox?***

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Sometimes you want to transition away from your current situation and create a new set up. 

But between knowing what exactly to create, and how to create it, while transitioning away from the old thing can be a bit daunting. 

Here today to talk with me about this is my guest Paige Gott. 

Paige is the owner of Tidewater Consulting, and successfully navigated this transition over the last 18 months. 

Highlights:

– “I am making basically 130% more per month per client. And I have half the amount of clients than I did at that time.” 

– “The best thing I did was go through my client roster and figure out what clients I had outgrown, or who didn't necessarily want or need the level of services I was going to be providing on a regular basis.”

– “My clients are grateful that they can make decisions based on real evidence.”

– “Getting my first client at four figures per month gave me a huge confidence boost, after which I felt better about giving people my prices.” 

Connect with PAIGE:

Website: https://tidewater-consulting.com/

Instagram: https://www.instagram.com/tidewaterconsulting/

Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Many of you know how difficult and time-consuming it can be to run a tax shop. It's all too easy to get buried under a mountain of tax, underprice services, and be in what feels like a near-steady state of chaos.

My guest today is Catherine Ozment. Catherine is a CPA in south Texas who called two years ago now, wanting to get off the hamster wheel and get intentional about creating a thriving practice that is designed and built to sell at a high multiple.

We're talking today about what has changed since we spoke last year on the podcast and what she has learned in the year since then, so that you can have a window into what shifting your accounting practice is actually like. 

Highlights:

— “We have an aging industry. Yet, technology continues to consume our space. Some older and aging senior CPAs are not keeping up with those times, so there’s an opening for those who keep up.” 

— “When you have your sights set on excellence and you build relationships with your people, those people see that value and they are willing to pay you for that value.” 

— “Getting myself out of the tax factory has made it possible for me to start networking in this (ag) space, and has confirmed that the value that we're producing is so well worth it for these people. We are offering a critical service so they can continue to grow in the ag space.”

***Want one piece of business strategy delivered daily to your inbox?***

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Connect with CATHERINE:

Website: https://www.farmandagcpa.com/

Episode mentions:

https://www.businessstrategyforcpas.com/141

142 From Impossible to Exponential Growth: The CPA Mindset

https://www.businessstrategyforcpas.com/142

192 Free Time and 7 Figures Net Revenue with John Lee Dumas

https://www.businessstrategyforcpas.com/192

Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Many CPAs struggle with pricing. Some have moved to flat rate or subscription pricing, and some still bill by the hour. For CPAs who are used to getting compensated for time and effort, it can be difficult to learn how to see value and to learn how to price accordingly.

But if they don't make the transition, they risk underpricing themselves in perpetuity and having to keep working long hours to make up for unearned revenue. 

To talk with me about this problem is my guest, Mark Stiving. 

Mark is a pricing educator and advisor, the host of the Impact Pricing podcast and the owner of Impact Pricing, where he teaches clients how to win, keep, and grow customers to drive higher revenue.

In Mark's most recent book, Selling Value, he shares his expertise to help companies win more business at higher prices. 

Highlights:

— “Salespeople need to know how people value products.” 

— “Our buyers buy products because they want to solve problems.”

— “The salesperson's job is to help the buyer understand the true amount of value they're going to get from the product.”

— “Buyers who don't believe that you understand their problems won't listen to your solutions.”

— “If we truly believe that we're going to deliver more value, we should make sure they understand the value before we give them the price.”

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Connect with MARK:

Website: https://impactpricing.com/

LinkedIn: https://www.linkedin.com/in/stiving/

Email: [email protected]

Episode mentions:

125 Value and Segmented Pricing for CPAs with Pricing Expert Mark Stiving, PhD

https://www.businessstrategyforcpas.com/125

153 A Formula for Quantifying Value with Mark Stiving, PhD

https://www.businessstrategyforcpas.com/153

172 Subscription Pricing Strategies with Mark Stiving, PhD

https://businessstrategyforcpas.com/172

Mark’s book:

Selling Value: How to Win More Deals at Higher Prices 

https://www.amazon.com/gp/product/B09Y8V7FWX/

Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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There is vestigial thinking in the accounting space that value comes from working. “If I worked hard on a thing, then you should pay me money for it.” But that's not how money works: people don't really care if you worked hard on a thing. 

I want to undo this idea in your mind that working hard is the thing that is valuable. The idea is effortless value: that you can create a lot of value for your clients without actually having to work hard.

When we create effortless value in our businesses, we can capture that value with our pricing without putting in a lot of extra effort. And when you can capture the value that you create with your prices, then you can work less and make more. 

In this episode, I list a dozen ways you can add value that are not tied to doing work: 

• Improve the onboard experience.
• Create quick wins early on.
• Get more proactive for your clients.
• Improve the timing and the clarity of communication. 
• Improve the clarity of your expectations and communicate those expectations.
• Improve your clients’ likelihood of achieving success or results.
• Increase the speed that you provide results. 
• Increase the ease with which clients can reach you.
• Minimize the hassles that they need to deal with in working with you. 

Building effortless value into your accounting firm is a sure-fire way to help you generate more revenue without having to work so hard for it. 

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Building effortless value is something that we work on inside CPA Mastermind. 

If you want to know more about CPA Mastermind, check out the webpage at https://geraldinecarter.com/cpa-mastermind. If you want to get on the interest list so that you can stay apprised of when registration is open and accepting applications, go to https://geraldinecarter.com/interest.

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Want one piece of business strategy delivered daily to your inbox?

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Episode mention:

196 CPA Mastermind: Create More Profit with Less Effort

https://businessstrategyforcpas.com/196

Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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On why and how podcasting can be great for your business.

It has been the core of my business for four years and my business wouldn't be where it is without a podcast.

I share this with you because I see few accountants and CPAs with podcasts in niche spaces. I look for them because I want to get them on my podcast and they're difficult to find. Yet, podcasting can be valuable for your business and so beneficial.

Reasons why that is, and why, especially for accountants and CPAs, I think you are uniquely positioned to benefit from creating and having a podcast:

• Podcasting grows your audience. 
• Your expertise deepens by hosting.
• It helps you grow a subscriber list.
• It grows your connections and your network.
• When ideal buyers are listening to your podcast, they tend to come better educated.
• You get to bring your business to life.

Pro tip here from experience: if you want your podcast to serve your business, focus on a specific audience, focus on a specific set of problems that you solve for your people.

This is the stuff that we work on in CPA Mastermind. I designed it to be the best program for CPAs and accountants who want to get their business on the right track.

***Want one piece of business strategy delivered daily to your inbox?***

Subscribe here: https://www.geraldinecarter.com/subscribe-main-list

Episode mentions:

192 Free Time and 7 Figures Net Revenue with John Lee Dumas

https://businessstrategyforcpas.com/192

196 CPA Mastermind: Create More Profit with Less Effort

https://businessstrategyforcpas.com/196

179 Digital Products, Courses, and 90% Margins with The Real Estate CPA, Brandon Hall

https://businessstrategyforcpas.com/179

Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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A lot of CPAs have had enough, and are looking to sell off parts or all of their business. They have options when it comes to selling. And the farther ahead they plan, the better deal they’ll create for themselves.

Here today to talk with me about what he sees happening right now in the buying and selling of CPA firms is my guest Brannon Poe, owner of Poe Group Advisors.

Highlights:

— “Firms that have a large number of personal tax, not associated with a business, tend to have higher staff turnover, higher tax season hours, lower cash flow to owner.”

— “Staffing is changing the accounting profession faster than anything. Because of staffing changes, people are having to make difficult pruning decisions.”

— “Accounting firms are the slowest to change models. The cloud firm space, however, is definitely growing fast.”

— “If traditional firms don't keep up with the innovation, they're going to lose clients to innovative cloud firms.”

— “The full cloud firms sell for a higher multiple and they tend to sell faster.”

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Connect with BRANNON:

Website: https://poegroupadvisors.com/

Virtual Workshop: http://accountingpracticeacademy.com

Episode mentions:

162 How to Sell a CPA Firm for Optimal Price with Brannon Poe

https://businessstrategyforcpas.com/162

Book mentions:

Scaling Up: How a Few Companies Make It... and Why the Rest Don't by Verne Harnish

https://scalingup.com/book/

Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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For many CPAs, it feels risky to pick a cross-section of the tax-code, and burrow in. The fear is around losing clients, having to turn people away, and what if there’s a recession?

Consequently, most CPAs work as generalists, and pay the price in the form of seemingly infinite rotations on the treadmill. 

My guest today has built an exemplary business around expertise in one niche, and that person is Tom Wheelwright, CPA.  

Tom is a tax and wealth expert and is the CEO of WealthAbility®. He is the bestselling author of Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes, and he is releasing his next book this summer titled The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make. 

 His goal is to help people achieve their financial dreams faster by permanently and legally reducing their taxes. 

Highlights:

— “I wrote The Win-Win Wealth Strategy to talk about how taxes really work, how incentives really work, and what the government gets out of it.”

— “Tax incentives have just taken off as a way for the government to influence investment behavior.” 

— “Tax incentives are actually investments the government will literally pay you to make.”

— “You subniche to increase your focus and reduce the amount of time that you have to spend doing research, because then you don't have to know about everything.” 

— “One of the challenges we have as CPAs, especially the smaller firms, is we tend to rely on personal, direct oversight as opposed to having systems. The client will get to a point where they're looking for systems help. And this is something where we can provide high value services to them.” 

— “Don't think this is tax avoidance or tax evasion. It's none of that. This is what the government wants you to do.”

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Connect with TOM:

Tom Wheelwright, CPA Website: https://tomwheelwright.com/ 

WealthAbility Website: https://wealthability.com/ 

LinkedIn: https://www.linkedin.com/in/tomwheelwright/

Episode mentions:

178 Killer Niches for CPAs

https://businessstrategyforcpas.com/178

Tom’s book: 

The Win-Win Wealth Strategy: 7 Investments The Government Will Pay You To Make

Pre-order: https://winwinwealthstrategy.com/

For multiple copies: https://winwinwealthstrategy.com/bonuses

Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Many CPAs work super long hours and go for periods of time where their head is down, getting the work done. But when your head is down and you’re busy, how do you take the time to find out what your clients truly want?

Here today to talk with me about this is my guest, Rochelle Moulton. 

Rochelle turns consultants and big thinkers into authorities. She earned her consulting and big thinker stripes leading introverted brainiacs at some powerhouse global consulting firms like Towers Perrin and Arthur Andersen.

But even better, she has built, led (and sometimes sold) more than a few 6, 7 and 8-figure consulting businesses. And earned the equivalent of a second MBA building authority brands and businesses with hundreds of soloists.

She has recently launched a mastermind to build wealth in the form of money, time, and flexibility, for soloist women in the expertise space. 

Highlights:

— ”In a listening tour, you're going to ask your ideal clients or prospects a very specific list of questions to get insight into something that you're trying to figure out, like a new product or a new program.” 

— ”One the kinds of questions to ask, I'll open with something about their business, to make sure that I understand where they're coming from.”

— ”What we think our audience wants is not necessarily what they actually will buy.”

— ”A listening tour gives you a better understanding of what your clients want beyond what you think they want.”

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Connect with ROCHELLE:

Website: https://rochellemoulton.com/

Twitter: https://twitter.com/ConsultingChick

LinkedIn: https://www.linkedin.com/in/rochellemoulton/

Episode mentions:

166 How CPAs Can Build and Monetize Authority with Rochelle Moulton

https://www.businessstrategyforcpas.com/166

Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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There are a number of mindset, structure, and mechanical components that are not working well for CPAs and accountants.

Many are working long hours and are underpricing. And they continue to be busy because they are positioning themselves in the marketplace as generalists. It's difficult to create value, which means it's difficult to raise prices, which means it's difficult to do less work. 

There is an easier way, and it doesn't have to be thaaaat hard to make the changes that you need in order to get your business pointed in the right direction to get where you want to be.

I'm launching a new program called CPA Mastermind. It’s designed for CPAs and accountants who are solos or small firm owners: to update their business model, make their business more profitable, get their business on the path they want it on, and get their life back. In short, CPA Mastermind helps CPAs create more profit, with less effort.

Here are the 10 steps that you'll go through in CPA Mastermind:

1. Figure out your goals.
2. Figure out your strategy. 
3. Determine your ideal buyer.
4. Figure out your value.
5. Package your services.
6. Determine pricing. 
7. Improve your website and online presence.
8. Replicate your ideal buyers
9. Test/experiment.
10. Move low-value work off of your client roster

If you don't want to do another year that feels like the last three that you have gone through, check out CPA Mastermind.

Get on the interest list: 

https://shethinksbigcoaching.com/interest

More about the CPA Mastermind:

https://shethinksbigcoaching.com/cpa-mastermind

Episode mentioned:

125 Value and Segmented Pricing for CPAs with Pricing Expert Mark Stiving, PhD

https://businessstrategyforcpas.com/125

***Want one piece of business strategy delivered daily to your inbox?***

Subscribe here: https://www.shethinksbigcoaching.com/subscribe-main-list

Announcing the *NEW* Client Success Stories podcast: 

https://business-strategy-for-cpas-success-stories.transistor.fm/

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